Transaction Costs and Incentie Theory

Eric Malin and David Martimort

Working Papers from Toulouse - GREMAQ

Abstract: This paper tries to reconcile incentive theory with transaction costs theory. we first discuss the fundamental assumptions underlying the use of the Revelation Principle in the standard mecanisme design literature and show how various contractual incompletenesses and externalities induced by transaction costs affect the basic trade-off between allocative efficiency and informational rents highlighted by this literature. We then propose reduced form formula to precisely describe the impact of these transaction costs in various contexts.

Keywords: COSTS; TRADE; RENT (search for similar items in EconPapers)
JEL-codes: D23 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2000
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Journal Article: Transaction Costs and Incentive Theory (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:gremaq:00-539

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